After the Digital Ledger Technology (DLT) Regulatory framework of Gibraltar got initiated in January last year, the government of Gibraltar is showing supportive signs for the digital currency industry. Albert Isola, the trade minister of Gibraltar, expressed the country’s focus on creating a ‘supportive environment’ for the cryptocurrency business proliferation. In this light, many crypto firms and companies are awarded licenses to allow them to operate from within Gibraltar.
The DLT Regulatory framework is constructed with a focus on attracting companies that are based on the blockchain and cryptocurrency industry. The regulations have strict protection for the customer’s interests so that Gibraltar’s initiative and reputation grow stronger. The companies that got license includes the fourth largest exchange as per daily trading volume- ‘Huobi’, the oldest crypto trading platform in the United Kingdom- ‘Coinfloor’, another European cryptocurrency exchange- ‘Covering’, the Gibraltar Blockchain Exchange (GBX), and recently licenses entity digital asset platform- ‘Etorox’, as reported by ‘news.Bitcoin.com.’
‘News.Bitcoin.com’ also revealed that the Minister for the Commerce of Gibraltar, Albert Isola said-
“Our financial regulator, the Gibraltar Financial Services Commission (GFSC), began awarding DLT licenses to some leading blockchain firms operating here in October.”
The trade minister of the British Overseas Territory, being the member of the British Parliament explained that the new regulatory structure is very receptive to the new changes, It aims to stay flexible to cope up with the fast-growing and evolving nature of the crypto industry. This approach will also allow the ‘authorities to react swiftly to the growth of the sector in the coming years.’ Isola further added that the regulatory framework is offering sensible legislation on the one hand and the other, it is also making sure to create an inviting, open business-friendly atmosphere for the blockchain companies and firms who wish to function there or have nailed their presence in the crypto landscape.
Along with the new regulations, Gibraltar has also established two more initiatives, i.e., Gibraltar Association for New Technologies (GANT), and New Technologies in Education (NTiE.) GANT is the trade association which aims to promote the growth of the formal connections between Gibraltar’s authorities and various crypto companies. On the other hand, the working group- NTiE, is a combined effort of the executive power, the private sector, and the University of Gibraltar. This working group will focus on answering the increasing demands for related skills. The aim is to create some kind of educational platforms such as information and training courses that will allow both the employees and specialists to be better prepared for the ever-evolving crypto sector.
Gibraltar is definitely in for a tight completion with other European jurisdictions. Recently several European countries such as Switzerland, Malta, Estonia and the Isle of Man, have been seen forwarding their respective governments into the crypto landscape.
For instance, the home of Crypto Valley- Zug in Switzerland, has been taking serious initiatives to allure a lot of crypto startups. The country’s government announced it last month, a new legislative approach towards the blockchain regulations in an official report, as per the reports obtained by News.Bitcoin.com. This official move identifies the Blockchain technology as one of the critical advancements in the financial sectors in stimulating the Swiss economy.
Malta, another European country also opened its arms for the regulatory structure to attract crypto businesses. As a result of the Bills (‘Digital Innovation Authority Act,’ the ‘Innovation Technological Arrangement and Services Act,’ and the ‘Virtual Financial Asset Act’), the European island managed to allure some big shots of the crypto landscape such as Binance, Ok, and Bitbay.
Estonia, on the other hand, is also not lagging in the competition. It has granted a license to more than 900 crypto exchanges and wallet service platforms, in less than a period of twelve months, after the initiation of licensing the crypto-based companies.
Looking at the competition, Isola is still confident and optimistic about Gibraltar’s ruling the competition based on his belief for the ‘reputation of Gibraltar for being a business-friendly jurisdiction, for promoting blockchain education and for the strong public, private sector collaboration.’ He assured that the government would not stifle on the innovation of the regulatory legislation which ensuring strong customer protection. He further said-
“We want to create a vibrant DLT community in Gibraltar by developing strong, collaborative relationships with the private sector operators who have based themselves here.”
The British Overseas Territory has already established itself strongly into financial services, and into online gaming sector. These two sectors provide strong support to the government. With the recognition of the potential of the cryptocurrency industry, the initiatives to create a crypto friendly atmosphere will surely reap great benefits to Gibraltar in the coming future as the crypto industry will spread its wings.